story by Jamie Smith
jsmith@thecitywire.com
Throughout the cyber world, millions of people are talking online. Talking about what they had for dinner, where they went shopping and what they think about the experience.
That creates a treasure trove of information that companies can use to determine what people are saying about them. Bt the problem is, there’s so much information out there that it’s difficult to harness, store, process and analyze.
DataRank, a 26-month old Fayetteville-based company, helps consumer companies mine and sort through this data to better understand their online reputation. What’s more, DataRank helps the companies best prioritize the information for decision making processes.
Started by three college friends from the University of Arkansas, DataRank was originally called TTAGG and DataRank was the name of the product. About six months ago, they changed their company name to DataRank because “that name told their story much better,” said Ryan Frazier, co-founder. Their niche market is consumer product companies and retailers, including restaurants. Many of these include companies in the supplier community.
NINE DIMENSIONS
DataRank uses nine “dimensions” that they divide into two categories: content influence and user influence. The nine dimensions (or areas used to prioritize the online data) are:
• Subject-matter relevancy (are they actually talking about the brand or product or are they using similarly-sounding words or ideas?)
• Sentiment intensity (how intense is the sentiment being expressed either in favor or against?)
• Social and community interaction (likes, shares, etc. on social media channels)
• Collective-interest match (searching for similar topics that might be expressed in various ways)
• Online following (does the user have a large following that could be influenced by their comments?)
• Relevant subject-matter expertise (how much does the user seem to know about the subject matter, based on other posts they’ve made?)
• Following interaction (how often does the user’s followers interact with their content?)
• Verified demographic information (user demographic information including age, location, etc.)
• Community status (does the user have identifiable community influence such as being an administrator on a site?)
STRENGTHS, WEAKNESSES
Frazier said DataRank’s strength is its sheer ability to take large data sets and make them more manageable. A big part of what makes that possible is that each person on the team is comfortable in his or her role and is an expert in their area.
“We’ve been lucky enough to find the right team members to fit the culture,” Frazier said.
If he were to name a perceived weakness, it’s the company’s small size compared to larger, more well-known ranking companies like Nielsen. The opportunities for growth in the industry fuel the company’s potential for growth, however.
“Experts estimate that (big data) will grow 40 times over the next six years,” Frazier said. “This will make ranking and prioritizing data that much more important and that’s what DataRank does better than anyone.”
As the ability to mine data grows, so does the potential that consumers will find ways to keep their comments private.
“(A potential threat to growth) is if consumer behavior shifts and people become on the whole more private or use exploding services like Snapchat more frequently,” Frazier said. “There is a threat of the social data source going extinct.”
RAPID GROWTH
The two-year old company started with the three founders and already has eight employees. By the beginning of 2014, they expect to have 11 people working at the company, Frazier said. The roles include developers, client services and sales. All three roles are vital to the growth, which has been exponential.
“We’ve grown sales 350% this year,” Frazier said. “We’re profitable.”
Frazier said they see that the big data industry is going to only get bigger. It’s been a matter of getting technology scalable and with that now available, they are getting partnerships with agencies and marketing firms. Many of the clients are direct companies, but there is more of a need to partner with agencies with multiple partners that might need the data services.
According to Forbes.com, IBM states that 90% of the world’s data was created in the last two years alone. A recent study of 75 North American retail executives found that 46% of retailers considered the volume of information they had to deal with to be their biggest challenge. That creates an even bigger need for companies like DataRank.
Universities are responding to the rapidly growing need for big data management, including the University of Arkansas. The Walton College Graduate School of Business now offers a graduate certificate in business analytics that provides hands-on training using big data from some of the world’s biggest most notable companies including Sam’s Club, Tyson Foods Inc., Dillard’s Inc. and Acxiom Corp.
“Right now, one of the biggest things going on in our world is this big data explosion,” said Eli Jones, dean of the Walton College in a press release. “Getting the tools – the knowledge – of how to find patterns in big data, that is going to accelerate one’s career. There are people who are looking for people who can make decisions based on big data. There are huge opportunities in this area, and the Walton College is taking a leadership role in addressing that key need.”